Delhi (India), February 13, 2023: The Supreme Court has been criticized for its attempt to intervene in the Adani market shakedown. It is argued that the court is out of its depth in this area and has better things to do.
A three-judge bench headed by Chief Justice of India, D.Y. Chandrachud, suggested that an “expert committee, possibly from the banking and investment areas, maybe headed by a wise guiding force in the form of a retired judge” be formed to address the situation.
However, this suggestion has been met with criticism as it is argued that the markets are wiser than most wise men and that the assumption that small investors need special protection is wrong.
A deeper inspection of public shareholdings in four Adani companies—AAdani Enterprises, Adani Ports, Adani Power, and Adani Total Gas—ffound that the promoters in three of them held nearly three-quarters of the shares and 65 percent in Adani Ports.
The public owned 6.5 percent of Adani Enterprises and Adani Ports, 12 percent of Adani Power, and under 0.1 percent of Adani Total.
